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Greg Jamison's bid to become the new owner of the struggling franchise will not happen after reportedly admitting his group could not make the Jan. 31 arena deal deadline with the city of Glendale, Ariz.

“We will be unable to complete a deal by the deadline,” Jamison said in a telephone conversation to Fox Sports Arizona. “We’re still going to pursue a deal anyway, but it will be a different deal.”

Jamison had a deal in place that would pay his group $308 million over 20 years to run the Jobing.com arena if he could assemble the necessary investors and money in time.

Meanwhile, the Arizona Republic reported that a lawyer representing Jamison asked the city’s mayor, Jerry Weiers, for more time to buy the team, but was declined.

NHL commissioner Gary Bettman, however, called Weiers Thursday morning to assure him the league is dedicated to keeping the team in Glendale.

Weiers said that if the team doesn’t sell by the deadline he will continue to work with the NHL, Jamison or any other potential buyer on an arena deal, but the terms will differ from the one offered to Jamison.

“If we can keep the Coyotes here and have a successful team and have people spending money, certainly I’d want that, but not with the deal that was made with the previous council,” Weiers said.

With Jamison failing to produce the money at the deadline, a separate group of investors is reportedly prepared to step in to purchase the team.

The NHL has retained control of the franchise since November of 2009, purchasing it from Jerry Moyes and rescuing the team from bankruptcy.